Latest Industry Trends: July 2022

Friday, 8 July 2022

Functional Safety Market Size, Growth Prediction, Market Trends, Upcoming Trends and Opportunity Assessment 2022-2027

Market Scope

The global Functional Safety Market is expected to reach USD 5,691.0 million by 2026 at a CAGR of 5.33% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. In the past, walkie talkie was mainly used for security purposes. The functional safety systems are also used as fire and gas monitoring control, turbo machinery control, and burner management systems, among others. In 2017, Exida certified Emerson Process Management Valve Automation, Inc. for functional safety required for maintaining safety and integrity.

Competitive Outlook

Rockwell Automation Inc., Schneider Electric SE, Emerson Electric Co., ABB Ltd., and Siemens AG are prime players of the market. Other players include Yokogawa Electric Corporation, Omron Corporation, General Electric Co., TUV Rheinland, Honeywell International Inc., HIMA Paul Hildebrandt GmbH, and Endress+Hauser Management AG.

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Fiscal policies enforced by governments for sustaining the manufacturing sector are likely to favor the market despite the COVID-19 pandemic. The pandemic has halted the brakes in production and can hamper the market growth. But the integration of internet of things (IoT), optimization for tablets and smartphones, and low complexities in mobile application development can renew production while protecting workers.

Segmentation

The global Functional Safety Market Size is segmented by devices, systems, and end-users.

By devices, it is segmented into safety switches, actuators, programmable safety systems, emergency stop devices, valves, safety controllers/modules/relays, safety sensors, and final control elements.

By systems, it is segmented into high-integrity pressure protection systems (HIPPS), safety instrumented systems, distributed control systems (DCS), burner management systems (BMS), turbo machinery control (TMC), industrial control systems, fire & gas monitoring control, emergency shutdown systems (ESD), and supervisory control and data acquisition (SCADA) systems.

By end-users, it is segmented into metal and mining, power generation, pharmaceuticals and biotech, manufacturing, oil & gas, retail and wholesale, and others. ‘Others’ are further segmented into automotive, railways, medical, discrete, and others.

Regional Analysis

Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are regions taken into consideration for the future growth of the market.

North America is expected to lead the global Functional Safety Devices Market owing to the ease of developing mobile applications and availability of smartphones. Initiatives by governments for driving the growth of companies can bode well for the market. Procurement of equipment which have been certified by safety bodies for safe functionality and operations of machines can drive regional market growth.

APAC is set to occupy a major share of the market due to rampant industrialization in India, China, and Japan. It can display a robust growth rate over the forecast period owing to adherence to international safety standards, organizational functional safety, and initiative of multinational companies of introducing new measure for their workers. The large number of power projects which can compel the need for burner management systems and automated solutions amid the rise of Industry 4.0 can favor the global functional safety market.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Entertainment Robots Market Trends, Company Profile and Market Segments Poised for Strong Growth in Future 2027

Market Snapshot

In the forecast period, the Global Entertainment Robots Market is expected to reach USD 15.18 billion and account at a CAGR of 24.6% during the forecast period of 2020 to 2030.

Business highlights

Entertainment robots are integrated with robot vision, artificial intelligence, machine learning, and cognitive computing, which is used to learn and interact with people and helps in decision-making, learning, and problem-solving. Throughout the forecast era, the advancement of artificial intelligence technology, rising geriatric population and growing demand for animatronics are expected to fuel the entertainment robots industry. The entertainment robots market is focused on end-users such as geriatric population and children. This is expected to drive the entertainment robots market during the forecast period. On the other hand, the high initial cost is hindering the market growth in the forthcoming years. This still lacks skilled workers in this sector and therefore the demand has not expanded exponentially.

Competitive Dynamics

The key players of the global Entertainment Robots Market Trends are SPHERO (US), Hasbro, INC. (US), Sony Corporation (Japan), MATTEL, INC (US), BLUE FROG ROBOTICS (France), KUKA (Germany), Robobuilder (South Korea), Modular Robotics (US), and Lego (Denmark).

Main approaches traced from the study of the main players' recent developments include product launch, agreement & collaboration, procurement and expansion. The Entertainment Robots market is widely recognized due to the existence of major players, since creative technologies and solutions are available. The players have the updated development platform and services and solutions, product selection, and prices to gain a competitive edge on the entertainment robots market.

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Entertainment robots are widely used in both the elderly and children. Such robots are used to perform a modern way of educating children, often used for entertainment purposes as well as to solve the loneliness when their parent is not at home. The entertainment robots market is heating up between parents and trainers. The education sector makes good use of this technology, using this entertainment robot in most schools and universities for educational purposes where children can learn the basics in a different format. Educational The robots are used as part of children's interactive learning in the education sector. Market growth has been driven by the growing demand of educational robots among trainers, educational institutes and parents for educational purposes. Such robots aid in creative problem-solving, critical-thinking , reasoning and imaginative learning for young children or even the elderly. Senior citizens who need companionship for therapeutic and wellness purposes and to curb loneliness use the robotic companion pets.

In addition, the R&D costs and the technological complexities involved in the human-machine interface are expected to present challenges for the entertainment robot industry.

Market Segmentation

By product, the market is analyzed into robot toys, educational robots, and robotic companion pets.

By end-user, the market is segmented into retail, education, media, and others.

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Regional Outlook

The global market for entertainment robots is slated to grow at a substantial rate over the review period from 2018 to 2023. The entertainment robots industry geographic research was carried out for North America, Europe, Asia-Pacific and the rest of the world (RoW). During the forecast period, Asia-Pacific is expected to dominate the entertainment robots market with market size of 1.8 billion in 2023 due to camera advances, and sensor technology is increasing demand for entertainment robots in the Asia-Pacific Region. In the entertainment robots sector, North America has successfully counted the second spot. Asia-Pacific is expected to rise at a more rapid pace over the forecast period. The roW is slated to grow at a slow rate over the forecast period, however.

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Industrial Control System Security Market Trends, Outlook, Deployment Type and Business Opportunities

Market Analysis

The Industrial Control System (ICS) Security Market will develop at a 6.81% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.

Key Players

Eminent industry players profiled in the global Industrial Control System Security Market report include Cisco Systems, Inc., Schneider Electric, Siemens AG, Check Point Software Technologies Ltd., General Electric,Honeywelll International Inc., Fortinet, Inc., ABB, BAE Systems, Belden Inc., and Rockwell Automation, Inc among others.

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Industrial Control System Security Market Drivers/ Industrial Control System (ICS) Security Market Trends

Rise in Vulnerabilities to Boost Market Growth

The significant rise in the number of vulnerabilities detected in ICS components in various industrial sectors will fuel market growth in the forecast period.

Industrial Control System Security Industry Opportunities

Favorable Government Initiatives to offer Robust Opportunities

Favorable government initiatives for ICS security will offer robust opportunities for the market in the forecast period.

Restraints

Lack of In-House Technical Expertise to act as Market Restraint

The lack of in-house technical expertise may act as market restraint over the forecast period.

Challenges

Inclination towards Renewable Energy Sources to act as Market Challenge

The inclination towards renewable energy sources may act as market challenge over the forecast period.

COVID-19 Analysis

Amidst the COVID-19 outbreak, various governments and regulatory authorities mandate both private and public organizations for embracing new practices for working remotely and maintaining social distancing. Ever since the digital ways to do business became the new business continuity plan for various organizations. Following the widespread usage of bring your own device, work from home trend, IIoT, and penetration of the internet across different industry verticals like oil and gas, manufacturing, power grids, enterprises and individuals are inclined progressively towards the use of digital technologies like ICS solutions that is boosting the need for ICS security measures to protect against cyber-attacks. ICS security solutions allow organizations in ensuring business continuity and stay safe from the threat actors. Most industries are heavily investing in R&D for developing advanced ICS security solutions and services for betting combat the ongoing situation.

Market Segmentation

The ICS Security Services Market is bifurcated based on solutions, service, control system type, and vertical.

By control system, the SCADA segment will lead the market over the forecast period.

By vertical, the energy and power segment will dominate the market over the forecast period.

By service, the risk management segment will spearhead the market over the forecast period.

By solution, the firewall segment will have the lions share in the market over the forecast period.

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Regional Analysis

North America to Sway Industrial Control System Security Market

North America will sway industrial control system security market over the forecast period. Quick adoption of security solutions & technical convenience, high susceptibility to sophisticated technology to high profile cyber-attacks, well-established and sustainable economies that empower it to invest significantly in R&D activities, and the presence of major key players are adding to the global industrial control system security market growth in the region.

The industrial control system security market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

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Machine Condition Monitoring Equipment Market Analysis, Segmentation, Business Revenue Forecast and Future Plans

Market Highlights

The global Machine Condition Monitoring Equipment Market is projected to be valued at USD 2,887.1 million by the end of 2025, registering a CAGR of 5.6% during the forecast period.

Machine condition monitoring is a crucial part of predictive maintenance The advent of secure cloud computing platforms used for machine condition monitoring, inclination toward predictive maintenance of industrial machinery, adoption of wireless communication technology in machine condition monitoring, and positioning automated condition monitoring technologies in smart factories is expected to increase their demand in the global market.

MRFR has identified the following companies as the key players in the global machine condition monitoring market— Emerson Electric Co. (US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin Corp (US), Analog Devices, Inc. (US), SKF (Sweden), Amphenol, Inc. (Maryland), Allied Reliability (US), National Instruments Corp (US), Meggitt PLC (UK), Fluke Corporation (US)

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The primary factor driving the global machine condition monitoring market owing to increase in demand for machine condition monitoring solutions across different sectors of food & beverage, aerospace & defense, oil & gas, power generation, and chemicals has driven the demand for the market. Small companies and industries are increasingly adopting predictive machine maintenance solutions as they find it challenging to bear expenses such as machine failure and downtime, which may incur non-sustainable losses

Furthermore, less trained operators cannot take the new way of planning and maintaining the performance of machines, thereby resulting in disapprovals for the implementation of successful machine condition monitoring programs. With cloud-based systems, the technician with the smarter tools and technologies available does not have to be the expert to take the measurements and perform the analysis. Hence, the advent of big data analytics is expected to help create growth opportunities for the players operating in the global machine condition monitoring market.

COVID-19 Impact Analysis

The COVID-19 is creating economic hardship for enterprises, consumers, and commodities across the globe. While several companies have maintained continuity plans that were initially meant for natural disasters, the other manufacturers are facing the threat of bankruptcy due to declining demand from consumers, debt obligations, and reducing production and revenues. Many manufacturers are implementing cross-industry manufacturing of medical and healthcare equipment to sustain the production and overall turnover of the manufacturing unit. The worst-hit industries include oil and gas, coal products, textile, metal, and machinery.

However, not all semiconductor companies are witnessing a decline in growth as the remote monitoring of production activities has allowed companies to continue working during lockdowns as well. It is anticipated that the demand for condition monitoring systems and solutions would increase in the coming years, and the global market is expected to recover by the end of 2021.

Segment Analysis

The global Machine Condition Monitoring market has been segmented on the basis of monitoring type, component, monitoring process type, end use, and region.

By component, the machine condition monitoring market has been bifurcated into hardware and software. The hardware segment is further divided into vibration sensors and analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes, and others. The software segment is sub-categorized into data integration, diagnostic reporting, order tracking, and parameter calculation.

By monitoring type, the machine condition monitoring market has been segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring, and motor current analysis. The vibration monitoring segment accounted for the largest market share of 20.4% in 2018, with a market value of USD 449.3 million; it is expected to register a CAGR of 3.2% during the forecast period.

Based on monitoring process type, the machine condition monitoring market has been divided into online condition monitoring and portable condition monitoring. Portable condition monitoring is designed to perform tasks of maintenance and operation professions of all skill levels. It performs predictive maintenance through rotating the machinery in multiple industries, collecting, analyzing, using, and sharing the machine condition data to the manufacturers in the most convenient way.

By end-user, the machine condition monitoring market has been segmented into food & beverage, chemical & petrochemical, oil & gas, pulp & paper, steel & metal, automotive, mining, and power industry, cement industry, pharmaceutical industry. In the oil & gas industry, industrial equipment such as pumps is critical to an oil well. There is a direct correlation to an oil company’s bottom line as cash flow is tied to oil and gas production.

Key Findings of the Study:

The global machine condition monitoring market is projected to reach a value of USD 2,887.1 million by 2025, with a CAGR of around 5.6% during the forecast period from 2021 to 2025.
North America accounted for the largest market share in 2018; this is due to the growing development of the manufacturing units across this region has created a considerable demand for the machine condition monitoring market
Europe is expected to register the second largest market Germany accounted for the largest market share of 32.93% in 2018
The Asia-Pacific market is anticipated to register significant growth due to the increasing investment in machinery development across sectors such as automotive, oil & gas, power generation, aerospace & defense, and others is expected to fuel the market's growth.

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Photo Printing Market Share, Applications, Growth Drivers, Trends, Demand and Global Forecast to 2030

Market Overview:

The Photo Printing Market is projected to get a huge CAGR of 6.1%. As per MRFR examination, the market esteem is assessed to clean up to USD 22.70 Billion during the figure time frame 2020-2030. There are a few organizations that offer web-based photograph printing. It is one of the productive answers for photograph imprinting on the web.

The Photo Printing Market Share for a modern photograph printer is broadly driving the Photo Printing Market development. The retailers in the photograph printing market offer different administrations like appropriation, plan, obtaining, printing, etc. The developing utilization of versatile gadgets and 3D printing are likewise fuelling the market development. North America is projected to hold the biggest piece of the pie in the photograph printing industry.

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For example, the controlling variables, significant expenses of modern photograph printers, can prompt lull the market development. Likewise, the effect of Covid had generally impacted the Photo Printing Market in the underlying years. Nonetheless, with the different positive factors, the market will recapture its development in the impending years. Henceforth, the report covers fundamental data about the market in the forthcoming time frame that will help the partners and the market players.

Segment Overview:

Photo Printing Market analyzes the critical patterns in each sub-section of the worldwide photograph printing and product market, alongside conjectures at the worldwide, local and national level from 2021-2026. The report has classified the market dependent on item type, printing type, gadget utilized and dispersion channel.

Segmentation by Product Type:

• Prints

• Wall Arts

• Cards

• Photo Gifts

• Photo Books

• Calendars

• Others

Separation by Printing Type:

• Digital Printing

• Film-Printing

Separation by Device Used:

• Desktop

• Mobile

Separation by Distribution Channel:

• Instant Kiosk

• Online Stores

• Retail Stores

• Others

Separation by Region:

• North America

the United States
Canada

• Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

• Europe

Germany
France
the United Kingdom
Italy
Spain
Russia
Others

• Latin America

Brazil
Mexico
Others

• The Middle East and Africa

Regional Analysis:

Topographically, Photo Printing Market shows the printing markets are separated into North America, Asia-Pacific, Europe, South America, and the remainder of the world. As per the MRDR examination, it is assessed that North America will hold the biggest Photo Printing Market Share. Indeed, even in 2017, North America likewise ruled the market with the biggest offer.

In Photo Printing Market, for the most part, the developing Photo printing patterns in provinces like the US and Canada are supporting the market development. Aside from that, versatile photograph printers' developing use is also fuelling the market development.

Moreover, the Asia-Pacific area will observe the quickest development during the figure time frame. The developing advancement for computerized cameras by striking organizations, for example, Panasonic Corporation and Sony Corporation, is generally liable for gigantic development. Photo Printing Market assists clients with printing photographs on the web. Henceforth, the market will get enormous development during the conjecture time frame.

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Industry News:

Smile box in 2019, which is the auxiliary of an organization called Perion Network Ltd., reported the dispatch of the Gmail add-on choice. This new capacity will be useful for people to handily tweak and send e-cards to their loved ones straightforwardly from Gmail accounts.
Mpix, a prestigious central participant in 2019, declared the dispatch of assistance called "Thrity9." A product stage offers divider stylistic themes from perceived proficient picture takers. The new site contains photographs of four sets called establishing trees, profound reflections, ventures outside, and a nonpartisan range.

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LIDAR Industry Advancement, Target Audience, Growth Prospects and Segmentation

Market Overview:

The MRFR investigation indicates that the LiDAR market is assessed to develop at a CAGR of 22.1%. The market is projected to arrive at a huge worth of USD 5.8 Billion during the gauge time frame. The word LiDAR means "Light Detection and Ranging" framework. It gives excellent information on the 3D portrayal in a brief time frame productively. The upgraded picture goal and computerized handling are generally utilized in regular studies.

The significant driver for developing the LIDAR Industry is the tremendous reception of different LiDAR modern applications. With remote detecting innovation joined with laser innovation, the market will get immense interest in the impending years.

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Different drivers will help the LiDAR providers develop the reception of LiDAR parts. The drivers are fuelling the market development, like the rising utilization of LiDAR frameworks. In this manner, later on, years, the market will prosper dramatically.

A few limitations, for example, minimal expense options and well-being issues regarding the frameworks, will hamper the LiDAR Market development. Be that as it may, the developing ventures by the LiDAR producers and other market patterns will further develop the market development. North America will hold the biggest piece of the pie in the LiDAR business. Subsequently, the LiDAR business with every one of the strong elements will blast in the forthcoming years.

Market Segmentation:

The LiDAR Market Size is divided into innovation, practical regions, part, innovation, and item type. Based on LiDAR parts, the LiDAR business is isolated into Positioning and Navigation Systems, Laser Scanners, and others.

Based on innovation, the LiDAR market is bifurcated into 1D, 3D, and 2D.

In light of item types, the LiDAR market is portioned into Terrestrial LiDAR, Airborne LiDAR, and others.

In view of useful regions, the LiDAR business is again partitioned into ADAS and Driverless vehicles, Corridor Mapping, Cartography, Meteorology, Urban Planning, and Environment and Engineering.

Regional Analysis:

The LiDAR market is separated into North America, Asia-Pacific, Europe, South America, and the Middle East and Africa. The LiDAR market is assessed to be overwhelmed by North America during the figure time frame.

It is because of a few LiDAR organizations in the USA that are adding to the innovative and monetary turns of events. Additionally, the utilization of different uses of LiDAR like metropolitan preparation, meteorology, climate, and so on is liable for the huge offer.

Alongside that, the presence of LiDAR sensor makers will likewise fuel the development of LiDAR innovation. Nonetheless, the Asia-Pacific locale will likewise develop consistently in the impending time frame.

The developing revenue of different LiDAR industry pioneers in the extension of their business is a productive justification behind the development of the market. Generally speaking, the previously mentioned locales will assume a significant part in the Future LiDAR market.

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Industry News:

Quantum Spatial, a prestigious supplier of LiDAR America, reported another sensor stage in 2020. The headway in the sensor is explicitly intended to communicate more information with the high goal. This will additionally assist with coming by exact outcomes.
Teledyne Optech, in 2020, declared a concurrence with another organization called Aerial Surveys International (ASI). The ASI is a prestigious organization for LiDAR securing and flying symbolism. In this understanding, Teledyne sold its item called "World T200 and redesigned it with G2 Sensor System. This improvement will additionally upgrade the securing capacities of ASI.

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Semiconductor Assembly & Testing Services Market Leading Growth Drivers, Emerging Audience, Segments, Sales, Profits & Analysis

Market Overview

The semiconductor assembly and testing service market is anticipated to grow rapidly at a high CAGR during the forecast period. The global semiconductor assembly and testing service market is driven by a significant rise in the demand for consumer electronics products and presence of manufacturers in different parts of the world. These factors have helped shape the semiconductor assembly and testing service market and are expected to boost the growth. Companies in the semiconductor assembly and testing service market could also face challenges such as lack of standard practices in certain areas of the market as well as fluctuating prices of raw material. The details covered in the semiconductor assembly and testing service market report cover all the aspects of the industry. Analysts studying the semiconductor assembly and testing service market have also shared growth projections in the report and have suggested Semiconductor Assembly & Testing Services Market players to plan business strategies accordingly. Semiconductor Assembly and Testing Service Market are ready to contract a surmised valuation of USD 36.65 Billion by 2027, enlisting a 4.5% CAGR during the survey time frame (2020 to 2027).

Today, customer needs more keen, minimized and little gadgets which are more solid as far as execution, more useful and the most significant, has a low cost. Get together of semiconductor items assumes an exceptionally fundamental part in the valuing of the eventual outcome. After gathering, the following huge factor, related to the quality, dependability, and cost, is trying. With developing interest for the purchaser electronic gadgets and developing semiconductor industry, the Semiconductor Assembly and Testing Services (SATS) Market are relied upon to rise in this manner.

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The increment popular for Semiconductor Assembly and Testing Services has added to the economies of scale, with the bigger volumes of semiconductor bundling evaluated by electronic makers. Later on, a monstrous venture will be needed to help new development and advances in the SATS market. The semiconductor assembly and testing administration market size are likewise supported by the new customer gadgets development and innovation headways. And the ascent in discretionary cash flow with financial development is impacting the development of the SATS market in the forecasted period.

Market Segmentation

The Global Semiconductor Assembly and Testing Services market share comprises four critical elements: services, application, packaging solution, and region. Based on services, the market is segmented into Comprising, assembly, packaging, and testing. Among these, assembly services are the biggest section on the lookout. The market is segmented into buyer hardware, Information innovation, media communications, and the car industry based on application. The telecom fragment represents the biggest portion of the overall industry. Based on the packaging solution, the market is segmented into copper wire and gold wire holding, Copper cut, Flip chip, Wafer-level bundling, TSV. The market is segmented into North America, Europe, APAC, and the Rest of the World. The APAC area represents the biggest portion, trailed by North America and Europe, individually.

Regional analysis

According to the regional analysis report, the APAC has consistently been the Semiconductor Assembly and Testing Service Market pioneer and would keep up with its driving situation all through the evaluation time frame. APAC is the biggest market for semiconductors giving progressed semiconductor chips to worldwide business sectors. The Asia Pacific represented a 45% offer in the Semiconductor Assembly and Testing Services Market Trends.

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Industry news

On Jan. 12, 2021, Tinicum, L.P., an expanded worldwide maker of exceptionally specific modern arrangements alongside associated reserves oversaw by Tinicum Incorporated, reported Robert Family Holdings, LLC's securing.

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